What does the policy owner have the right to do concerning the beneficiary?

The policy owner has the right to designate and change the beneficiary as a fundamental aspect of their ownership rights. This means that the individual who holds the insurance policy has the authority to name one or more beneficiaries who will receive the death benefits upon the insured's passing. Additionally, if circumstances change, such as a marriage, divorce, or a desire to allocate benefits differently, the policy owner can modify the beneficiary designation at their discretion.

This flexibility is essential in life insurance policies, allowing the policy owner to ensure that the benefits will go to the intended parties according to their wishes. The other options do not accurately reflect the rights of a policy owner; for example, while a policy owner may receive death benefits directly if they are also the insured, this is not a universal right concerning the beneficiary. Similarly, the ability to automatically gain profit from the policy or sell the beneficiary's rights is not typically permitted under standard life insurance contracts.